Tim Wilson (Goldstein, Liberal Party, Shadow Treasurer) Share this | Hansard source

Thank you, Deputy Speaker! This is clearly an opportunity to point out to the minister that schedule 4 of this bill is about financial adviser registration. Clearly, the government not only is delayed; they don't even understand the bill they're trying to pass through parliament. I'll give the minister the benefit of the doubt. We do on the opposition side. We understand what the point of this bill is. I can tell you that the one thing that is the point of this bill is not to shovel more money into the hands of capital pools and organised capital simply so it can be showered on marketing expenses for the Labor Party and then go on to their campaign coffers, amongst other things, so they can then be in a position to give money to organised crime through the CFMEU-Labor cartel. I know Labor members, every time I raise this, are appalled at raising—I can tell you not a single financial adviser in this nation is going to say, 'The best pathway forward for Australians to get ahead is to give your money to organisations that then empower a government to hand money to organised crime through the CFMEU-Labor cartel.' That would be anathema to financial advice, but that is the law in Victoria and that is the law in this country right now. And that is the law that the members of the government want to make the case for.

We're supporting this bill because it doesn't actually entrench that power. We're supporting this bill because we actually believe that Australians should be empowered to live out their best lives. We're supporting this bill because we believe that life insurance should be there to pool capital and to mitigate risk and that people shouldn't be discriminated against based on their pre-existing or genetic conditions that are factors beyond themselves. But, more importantly, we're supporting this bill because we desperately want to give a reprieve to those financial advisers out there that Labor would actually really deep down like to outlaw and just throw into industry super funds. We're supporting them to be able to give financial advice to Australians. So, whether you're wealthy or you're just starting out on the ladder of opportunity, you can afford financial advice. So you can be in a position to make strategic decisions for your long-term future. And, most importantly, so that Australians can get ahead, so they don't go on then and just get financial advice from those whose recommendation is, 'Throw your money into funds the Labor Party owns so they can use it for marketing expenses and so they can campaign to sit in this chamber so they can then pass laws and appropriation bills to hand money to organised crime through the CFMEU-Labor cartel.'

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